Core Insights - The article discusses the options available for investors seeking exposure to Master Limited Partnerships (MLPs) through exchange-traded products (ETPs), specifically focusing on the differences between exchange-traded funds (ETFs) and exchange-traded notes (ETNs) [1][3]. Group 1: Product Overview - The Alerian MLP ETF (AMLP) is an established ETF, while the J.P. Morgan Alerian MLP Index ETN (AMJ) was a prominent ETN until its maturation in 2024, after which it was succeeded by the JPMorgan Alerian MLP Index ETN (AMJB) [2]. - Both ETFs and ETNs trade on exchanges and track underlying indices, issuing a 1099 form to simplify tax reporting for investors [3]. Group 2: Structural Differences - ETNs, introduced in 2006, are senior, unsecured debt securities issued by banks, unlike ETFs that own the underlying assets. The return on ETNs is linked to the performance of a market index [4][5]. - The ETN structure minimizes tracking error as the issuer is contractually obligated to pay the index's exact return, and ETNs pay variable coupons instead of traditional dividends [6]. Group 3: Investment Considerations - A unique risk associated with ETNs is the creditworthiness of the issuer, as investors do not own the underlying securities, making returns dependent on the bank's ability to meet its debt obligations [7]. - MLPs are appealing due to tax-deferred distributions and high yields, with ETFs like AMLP being commonly used in income portfolios or as alternative investments [8].